According to data from the 2017 Financial Services Information Security Network, more than half (52%) of financial services chief information security officers (CISOs) are focusing on compliance with the European Unions’s (EU) General Data Protection Regulation (GDPR) compliance as an investment priority for the upcoming year.
The research shows that CISOs are heavily prioritising security awareness measures to ensure a fully compatible infrastructure is in place ahead of the regulatory changes, which are due to come into effect in just over a year on 25 May 2018. Forty-six per cent of respondents said that implementing awareness measures was an investment priority, a rise from 29% in 2016.
The research is based on a survey of more than 70 financial services security businesses at the CISO or Head of Information Security level about their cyber-security strategies for the year and what measures they would be investing in.
With nearly a year to go until the EU’s GDPR comes into force to strengthen data privacy and protection for EU citizens, building awareness is essential for both small and larger firms to stay abreast of the privacy changes.
Jake Summerfield, managing director, The Network Group Events said: “Financial institutions are facing what can seem like an overwhelming challenge to ensure their systems and processes are compliant with the incoming GDPR regulation, and it can be difficult to prioritise this amongst day-to-day security threats.
“However, as our data shows, investment in GDPR compliance is clearly a key priority for CISOs. With this new regulation on the horizon, it’s not surprising that 74% of CISOs are prioritising investment in security governance and compliance management.
“Ensuring compliance with GDPR is going to be a momentous task for financial services firms as they adapt their processes and systems in line with the new regulation, but it’s crucial that these firms do not do so at the expense of investing in other vital security measures.”
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